State of Alaska Department of Revenue decreased its holdings in Lumen Technologies, Inc. (NYSE:LUMN – Free Report) by 39.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 209,171 shares of the technology company’s stock after selling 138,742 shares during the quarter. State of Alaska Department of Revenue’s holdings in Lumen Technologies were worth $1,170,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Hsbc Holdings PLC acquired a new stake in Lumen Technologies during the 2nd quarter valued at approximately $74,242,000. Bank of New York Mellon Corp increased its holdings in Lumen Technologies by 87.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after purchasing an additional 4,886,999 shares during the last quarter. BlackRock Inc. increased its holdings in Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after purchasing an additional 4,796,141 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Lumen Technologies in the 2nd quarter valued at approximately $24,767,000. Finally, Legal & General Group Plc acquired a new position in shares of Lumen Technologies in the 2nd quarter valued at approximately $18,541,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently commented on LUMN shares. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. The Goldman Sachs Group dropped their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Wells Fargo & Company cut their price target on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. Finally, Citigroup reduced their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Nine investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $7.86.
Read Our Latest Research Report on Lumen Technologies
Lumen Technologies Stock Up 0.4%
Shares of Lumen Technologies stock opened at $4.48 on Wednesday. The firm has a market cap of $4.62 billion, a P/E ratio of -4.39 and a beta of 1.84. Lumen Technologies, Inc. has a fifty-two week low of $4.31 and a fifty-two week high of $11.95. The business has a 50-day moving average price of $6.01 and a 200 day moving average price of $7.30.
Lumen Technologies (NYSE:LUMN – Get Free Report) last released its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. As a group, equities research analysts anticipate that Lumen Technologies, Inc. will post -0.54 earnings per share for the current year.
Insider Buying and Selling at Lumen Technologies
In other news, CEO Kathleen Johnson purchased 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, with a total value of $613,000.00. Following the transaction, the chief executive officer owned 100,000 shares in the company, valued at approximately $613,000. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company’s stock.
Lumen Technologies Company Profile
Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.
The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.
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